Everything you have ever spent on your farm in terms of maintenance ,repairs , drainage , bulldozing , updates for hydro , plumbing , roofing....you get the picture here , can be claimed against the capital gain and thus reduce the capital gain you have to pay.If you paid interest on your farm loan it can be deducted. We have a cottage that someday will have to be sold and we keep a file of everything we spend on it , even down to light bulbs ! WE have roofed, replaced windows , did flooring etc , all deductable from the capital we have gained. Good luck and it won't be as bad as you think. When I sold my farm , by the time we deducted everything I owed $55oo. A relief ! I had thousands in drainage expenses , barn roofs , new machinery shed....and so on and so on
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Today's Featured Article - Recollections of a John Deere GP - by Charlie Cook. I grew up on my dad's 280 acre general farm in Western Michigan. Dad's only tractor when I was very young was the old GP. My first recollection of this tractor was when dad allowed my brother and myself to ride on the tractor with him driving. One of us would sit on the left fender (away from the clutch) and other would sit on the gas tank and hold onto the crankcase breather pipe.
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